Got any white phosphorous?
Top Chinese companies are investing in Israeli technology to help boost their growth and development.
A delegation of senior Chinese business leaders visited Israel last month in search of opportunities. They were so keen on investing that they ignored rockets that fell in the commercial centre while they were there. The delegation, led by Ronnie Chan from Hang Lung Group, included the heads of Lenovo Group, China's top grains trader COFCO, investment banking and private equity firm Hina Group, China Merchants Bank and JP Morgan Chase in China.
Chan told the local press that many technologies from companies such as Google and Intel originated in Israel, and Chinese companies would like to set up something similar. Lenovo only runs a sales and support operation in Israel, but the company bought the venture capital outfit Vertex. Lenovo needs mobile technology which is being developed in Israel.
So far the Chinese have invested $3 billion in Israeli companies. Catalyst Partners is establishing a $100 million China-Israel technology fund that is expected to close in the first half of 2013. Cukierman hopes to eventually reach $200 million.